The Rise of the Property Millionaire

Jan 4, 2013

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Almost 1000 property millionaires were created last year.

Despite economic gloom and a struggling housing market, 2012 saw an additional 47, 024 homes creep above the £1m value according to research by Zoopla, the property portal.

London, as you might expect, is the epicentre of high prices with two thirds of all properties over the million mark being situated within the capital, largely because foreign nationals are still queuing up to own a London pad. Kensington, Westminster and Camden harbour the most expensive dwellings in the UK with Kensington Palace Gardens averaging £25m a pop and with residents such as Lakshmi Mittal, Britain’s richest man with a fortune of £9.8m.

There are now a total of 300,142 property millionaires in the UK.

Austerity is selective, it seems….